The business recovery at the consulting engineering firm SNC-Lavalin continues to pay off big for its bosses.
Posted at 1:34 p.m.
The total compensation of the top five executives crossed the $20 million threshold in 2021, up 7% from the total amount awarded to executives in comparable positions at the end of fiscal 2020.
These compensation figures are taken from the management circular that SNC-Lavalin is sending to its shareholders these days in preparation for their annual meeting on May 5, which will be held both in person and by webcast.
Among this total compensation of 20.1 million, the President and Chief Executive Officer of SNC-Lavalin, Ian Edwards, stands out for a second consecutive year with compensation assessed at 7.6 million in base salary and bonuses paid in shares and other securities of the company.
On the face of it, that total compensation is down 4.8% from the $8.07 million that was allocated to Mr. Edwards for the 2020 financial year.
But on closer inspection, we notice that Ian Edwards’ base salary in 2021, of $1.3 million, has been increased by 30% compared to the previous year.
In return, the total value of his annual bonuses in shares and other SNC-Lavalin securities was reduced to 5.85 million, or 14% less than the bonuses of a substantial value of 6.68 million. granted to him in 2020.
These adjustments to the total compensation of SNC-Lavalin’s top executives come after another year of turnaround in its business and key financial results.
The consulting engineering firm ended its 2021 financial year with a net profit of 672 million, a considerable rebound from the net loss of 956 million which had been recorded a year earlier.
Revenues reached 7.37 billion in 2021, up 5% year-on-year despite the offloading of activities in the oil and gas sector and that of fixed-price project contracts.
As a result of this offloading, SNC-Lavalin’s total assets shrank by 4.5% to $9.87 billion at the end of fiscal 2021. Its total workforce was reduced by 6,595 employees to 30,989 employees.